Reuters published on 22 January 2026 an article titled "China's Africa Lending Nearly Halved in 2024, Shifts to Yuan" by Colleen Goko.
Chinese lending to Africa fell to $2.1 billion in 2024, almost 50 percent less than in 2023 and one-tenth of its peak lending year to Africa in 2016 when it loaned $28.8 billion. The lower levels of lending reflect China's move away from large infrastructure projects such as railways and roads and toward smaller, commercially viable projects.
China has also increasingly pivoted away from dollar-denominated megaprojects characteristic of the early Belt and Road Initiative and toward smaller-scale financing denominated in yuan. The five highest recipients of Chinese loans from 2000 through 2024 are Angola, Ethiopia, Kenya, Zambia, and Nigeria.
